ACCA (the Association of Chartered Certified Accountants) has launched Foundations in Accountancy, a new flexible suite of entry-level awards, designed to meet the needs of both students and employers.
Foundations in Accountancy was created after detailed consultation with employers, learning providers, members, students and other professional accountancy bodies and regulators.
Foundations in Accountancy provides a solid grounding in financial and management accounting, and includes a module in professionalism and ethical behaviour. The awards include:
Introductory Certificate in Financial and Management Accounting
Intermediate Certificate in Financial and Management Accounting
Diploma in Accounting and Business
Certified Accounting Technician Qualification (CAT), which includes specialist papers and work experience in audit, tax and financial management.
Alan Hatfield, ACCA's director of learning, says: “With Foundations in Accountancy, students will benefit from the flexible range of entry points, meaning they can begin at the right level for them, and then progress through the awards. And when it comes to flexibility, they can complete qualifications in their own time, selecting those that best suit their own career needs and aspirations.”
Foundations in Accountancy also sees certification awarded at each level, helping students to monitor their progress, and helping employers to recruit and train to meet their own business needs. The practical content means that the knowledge students gain is directly applied to the workplace, offering immediate benefits to existing and prospective employers.
Alan Hatfield continues: “Increasingly, employers need to know that they are taking on competent employees in account-support roles, often referred to as an accounting technician role. Employers can be assured that Foundations in Accountancy will train individuals to high standards, and that their training will be recognised all over the world.
“With Foundations in Accountancy, employers can also be assured that candidates have the right professional and ethical skills that are required in the workplace in a junior accounting or technician role. The syllabuses span the key elements of financial and management accounting at all levels offered, and also include an Accountant in Business exam at the Diploma level, which puts students' new knowledge into a legal, economic and regulatory context.”
Alan Hatfield concludes: “Foundations in Accountancy represents the building blocks of finance because it develops skills and competences tailored to the needs of employers, the public and other key stakeholders.
“But more importantly, professionalism and ethical behaviour is placed at the core of the awards - two attributes necessary in the fast-moving environment in which the accountancy profession works. Through Foundations in Accountancy, ACCA continues to provide opportunities for talented people, whatever their background or prior learning, to progress to become a professional accountant. With ACCA, students may also acquire a degree en-route to becoming a professional accountant, offered in partnership with Oxford Brookes University, which now has over 10,000 graduates.”
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FURTHER DETAILS ABOUT FOUNDATIONS IN ACCOUNTANCY
Flexibility is a central and crucial feature of Foundations in Accountancy, especially in terms of assessment delivery and progression. ACCA has also increased its computer-based offering and now offers students the choice of sitting exams by computer-based exams (CBE) or paper exams for seven of the 10 exams in the suite that makes up Foundations in Accountancy.
In addition, students can choose which level award they wish to take, based on their past experience and level of ability. They do not need to go through all the levels in any prescribed order. To receive any of the awards, the students must also complete the Foundations in Professionalism module that gives a solid grounding in professionalism and ethics. For example, students wishing to progress to the ACCA Qualification may choose to take the Diploma in Accounting and Business as their only award. This award is suitable for anyone looking to do an introductory qualification in accounting and finance. However, students working in Financial Shared Service Centres or working in junior public sector roles may take the Introductory or Intermediate Certificates. Students who wish to become Certified Accounting Technicians and use the designatory letters “CAT” after their name will complete nine of the 10 available exams, including two of three options from Foundations in Taxation, Foundations in Financial Management and Foundations in Audit. Additionally, they need to complete the Foundations in Professionalism module and a year of practical work experience.
The first exams will be held in December 2011 as paper-based and computer-based exams. Visit the Apply now page to apply.
However, ACCA has put in place transitional arrangements for students who wish to commence their studies now.
For more information on Foundations in Accountancy, contact ACCA Connect on +44 (0)141 582 2000.
NOTES TO EDITORS
More details about Foundations in Accountancy can be found on ACCA's website.
Foundations in Accountancy will hold its first exam session in December 2011.
ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.
For further information please contact:
** Press enquiries only **
Nick Cosgrove, ACCA Newsroom
+44 (0)20 7059 5989
+44 (0)7963 496 144